NEW YORK CITY REGIONAL CENTER ANNOUNCES I-829 PETITION APPROVALS IN ITS BROOKLYN NAVY YARD REDEVELOPMENT PROJECT III

News provided by

Mar 05, 2024, 10:00 ET

NEW YORK, March 5, 2024 /PRNewswire/ -- The New York City Regional Center ("NYCRC") is pleased to announce the first I-829 petition approvals issued to EB-5 investors participating in its Brooklyn Navy Yard Redevelopment Project III offering. I-829 petition approvals have now been issued in 19 NYCRC offerings. To date, 1,991 I-829 approvals have been issued to investors in NYCRC offerings resulting in 5,665 individuals (EB-5 investors and family members) achieving permanent residency in the United States.

An I-829 petition approval removes the conditional status and deems the EB-5 investor to be a lawful permanent resident of the United States. Permanent residence permits individuals to live and work anywhere in the United States and be protected by the laws of the United States. An EB-5 investor's spouse and children under the age of 21 are also authorized to live, work, and attend school anywhere in the United States.

The Brooklyn Navy Yard Redevelopment Project III ("Project") involved the next phase of expansion at the Brooklyn Navy Yard, the largest industrial park in New York City. The Project is part of a broader strategy to revitalize the city's high-tech manufacturing base by drawing on its strength as a hub for design schools, universities and, increasingly, technology companies. The Project included the completed construction of an 84,000 square foot high-tech manufacturing facility within the Brooklyn Navy Yard. The new interdisciplinary manufacturing center is providing collaborative work space for digital manufacturers, architects, university researchers, entrepreneurs, and inventors. The facility, called New Lab (www.newlab.com), includes private studios, conference rooms, co-working desks, and a state-of-the-art prototyping workshop. The space also includes a full metal shop, wood shop, and 3-D printing area to allow tenants to take their ideas from concept to prototyping to production all under one roof. The Project also involves surrounding infrastructure improvements necessary for this new development.

The Project involves the Brooklyn Navy Yard Development Corporation, the entity in charge of the City of New York-owned Brooklyn Navy Yard. The Project also includes Macro Sea, the real estate company selected by the government to coordinate the development. Construction of the Project is complete and the I-829 submission reflects that 327.5 jobs were created from construction of the Project.

About NYCRC

NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program. The company was the first regional center approved in New York City. Over the past 15 years, NYCRC has put over $1.5 billion of capital to work across a broad spectrum of infrastructure and real estate projects in New York City. Much of this capital has been invested in underserved areas in need of long-term economic growth. Examples include:

$811 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including eight projects totaling $383 million in the Brooklyn Navy Yard;
$108.5 million to finance ground-up and redevelopment projects in Washington Heights (an Upper Manhattan Empowerment Zone);
$232.5 million to finance the construction of a public high-speed wireless infrastructure network in New York City subway stations and along city streets; and,
$220 million to finance ground-up construction in the Bronx.

In addition, a NYCRC-managed entity has received six separate new market tax credit awards from the U.S. Department of Treasury totaling $265 million. These annual allocations have provided a unique opportunity for NYCRC to broaden its mission of providing financing to underserved areas of New York City. Since 2016, NYCRC tax credit capital has helped fund construction of six new charter schools in Brooklyn, Harlem, and the Bronx as well as the National Urban League's new headquarters in Harlem which includes New York City's first civil rights museum.

SOURCE New York City Regional Center